$711 billion deficit posted by US in 3 months of fiscal 2025

Robert Besser
19 Jan 2025, 21:44 GMT+10

The U.S. Treasury Department reported this week that the federal budget deficit reached $711 billion for the first quarter of fiscal 2025, marking a 39 percent increase from the same period last year
The October-December shortfall, the largest ever recorded for this period, reflects a sharp rise in government spending coupled with a slight decline in revenue
The deficit was US$201 billion higher than the $510 billion reported during the same months in fiscal 2024

WASHINGTON, D.C.: The U.S. Treasury Department reported this week that the federal budget deficit reached $711 billion for the first quarter of fiscal 2025, marking a 39 percent increase from the same period last year.

The October-December shortfall, the largest ever recorded for this period, reflects a sharp rise in government spending coupled with a slight decline in revenue. The deficit was US$201 billion higher than the $510 billion reported during the same months in fiscal 2024.

For December alone, the federal deficit stood at $87 billion, reduced by $51 billion due to the early payment of certain benefits in November. This figure is down from the $129 billion recorded in December 2023. Monthly receipts rose six percent to $454 billion, while reported outlays decreased 3 percent to $541 billion.

The report, which is the final budget update before President-elect Donald Trump assumes office next week, highlights the growing fiscal challenges the incoming administration will face.

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